3/29/2022 0 Comments How to Scrub HMDA DataCurrently, most institutions do not scrub HMDA data, but this practice may be changing. The Health Insurance Portability and Accountability Act, or HMPA, requires financial institutions to keep a record of every consumer's information. In addition, the information must be consistent. In the United States, most institutions have to scrub HMDA data quarterly. If you have an institution, you need to make sure your data is consistent. Continue reading this article to learn more about HMDA scrub data. HMDA requires financial institutions to report mortgage information publicly and require them to scrub the data before transmitting it. However, manual compliance is not an option for a growing business. The more data your organization collects, the more time it takes to compile, the higher the risk of error, and the greater the public scrutiny of your lending performance. One solution to this problem is to use HMDA Wiz software, from Wolters Kluwer. It includes data scrubbing and import. This software is easy to use and fast to implement, and it is combined with outsourced Wiz services to streamline the HMDA compliance process. Manual HMDA compliance is impossible to keep up with the increased reporting requirements. More data means more time, more risk of errors, and more public scrutiny. Fortunately, HMDA Wiz software from Wolters Kluwer, Inc., provides a solution. The software has import and data scrubbing capabilities, and is easy to implement. You can also choose to outsource your Wiz services, if you prefer. Before submitting your HMDA data, you need to review the data in question. This review can be conducted internally or by an independent third-party vendor. The scope of the data review should depend on your institution's overall data collection process. Larger institutions may want to perform the review annually, but smaller ones may be more prudent to schedule quarterly submissions. During this review, your institution may find simple typographical errors or significant procedural errors, which can trigger HMDA scrubs and resubmission. Before submitting your HMDA-required files, your organization needs to assess its current processes and determine how many corrections are necessary. Visit this website to get the facts about the benefits of HMDA data. While you need to scrub HMDA data before the deadline, there are some additional things to check before you submit your data. You can't submit HMDA data if it contains errors, so it's best to check for accuracy. You should also double-check demographic data, geocoding, and occupancy information. In case of errors, you can avoid penalties by submitting a HMDA scrub file. Then, you should submit your HMDA data to the Department of Housing and Urban Development (HUD) website. Once you have completed the HMDA scrub, you need to check the data. You should check all data fields carefully. Especially demographic data. You need to ensure that there are no errors with the occupancy. During the HMDA scrub, you should use a high-quality tool to avoid errors and improve your business. It can be difficult to clean your HMDA file without a professional help. So, it is best to seek the help of an experienced HMDA auditing firm. For more information, check out this related post: https://en.wikipedia.org/wiki/Mortgage_origination.
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